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Ethereum Price Faces The Resistance At $176

Ethereum ETHUSD
Ethereum

Ethereum edge higher for the third day in a row as the rally in cryptocurrencies continues. ETHUSD tested the previous week the 100-day moving average and started a move higher to weekly   top. ETHUSD is 1.29% higher at $171.92 with the capitalization now at 18.88 billion. Ethereum starts the new decade in the positive foot with gains over 33% since January 1st.

ETHUSD trading volume has reached 11.70 billion in the last 24 hours. The capitalization of the 100 top cryptocurrencies is currently at 247.92 billion.

Read our Best Trading Ideas for 2020.

Ethereum Price Technical Outlook

ETHUSD approaches the 200-day moving average an area that rejected twice in January. The last time Ethereum was trading above the 200-day moving average was back on September 23. The technical outlook is positive for the short term as the number two cryptocurrency trades above the 100-day moving average but below the 200-day moving average. Ethereum has formed a strong base around $160, as the rally that started in 2020 looks healthy and strong.

On the upside, initial resistance for ETHUSD will be met at 174.47 the daily top. The 200-day moving average at 176.06 will be the next critical resistance. If the bulls manage to break above that would be the beginning of another rally higher.

On the downside, initial support for Ethereum stands at 169.73 the daily low. Next support would be met at $165.17 the low from yesterday’s trading session. Future support for the crypto pair will be met at 156.97 the 100-day moving average.